The misguided assertions in Mr. Icahn’s July 30 filing expose his fundamental lack of understanding of Forest’s business.
Icahn fired back this morning with another filing, announcing that Egan-Jones Proxy Services has recommended Icahn’s slate of candidates. Icahn noted:
The Egan-Jones recommendation should send a strong signal to stockholders that change is warranted on the Forest Labs board and that my nominees have impressive qualifications and a viable plan to enhance shareholder value at Forest Labs.
The dueling filings have not ginned up any premarket activity on Forest Labs’ stock, which closed yesterday at $33.83 in a 52-week range of $28.47 to $37.48.
Paul Ausick
Top Gaining Stocks
Top Losing Stocks